How BANK Of Industry Helps Entrepreneurs

• Meet The BIG Men & Ladies Who Run The Bank

The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution (DFI). It exists to facilitate the transformation of Nigeria’s industrial sector by providing financial and advisory support for the establishment of large, medium and small projects/ enterprises, and the expansion, diversification, rehabilitation and modernisation of existing enterprises.

This commitment has continuously driven us to develop innovative strategies, interventions and solutions that are propelling the Nigerian economy towards sustained growth. The Bank continues to support growth across various sectors including Agro and Food Processing, Creative Industries, Engineering and Technology, Healthcare and Petrochemicals, Oil and Gas, Renewable Energy and Solid Minerals; leveraging its 30 state offices nationwide.

It’s drive for developmental impact is far-reaching, cutting across vital industrial sectors, geopolitical zones and multilateral stakeholders. In doing so, we are focused on nurturing and expanding the emerging sectors of our economy, whilst supporting established segments for increased global impact.

It has been contributing to sustainable development since 1964. Since inception, BOI has consistently supported numerous Nigerian businesses across various sectors, including Agro and food processing, Oil and Gas, solid minerals, healthcare and petrochemicals, creative industries, renewable energy, engineering, and technology.

It’s Mission is to transform Nigeria’s industrial sector by providing financial & advisory support services to enterprises. And the Vision is to be Africa’s leading development finance institution operating under global best practices.

The mandate is providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification, rehabilitation, and modernisation of existing enterprises.

There are certain factors that determine if a business is suitable for BOI to partner with. We service:

Small, Medium and Large enterprises, excluding cottage industries, new or existing companies, seeking expansion, modernisation or diversification.

Committed and credit-worthy promoters with a project contribution of at least 25%, excluding land, clients with the evident ability to meet loan repayment schedules borrowers who possess trustworthy management capability, financial situation, character, and reputation. Borrowers with no prior record of unpaid loans to development finance institutions and commercial banks.

Dr. Olasupo Olusi is the man who runs the Bank of Industry. And he is doing a damn good job of it. He is distinguished Economist and seasoned Development Finance expert. He has a remarkable over two-decade career dedicated to shaping economic policies, fostering fiscal sustainability, and driving private and financial sector development on a global scale.

He is currently the Managing Director and CEO of the Bank of Industry. Dr. Olusi brings a wealth of expertise honed through his extensive tenure with prestigious institutions such as the World Bank and the International Finance Corporation (IFC).

His illustrious journey commenced at the World Bank, where he significantly contributed to capital markets reform and conducted ground-breaking research on finance and private sector development in the Middle East and North Africa. Over the years, Dr. Olusi has assumed pivotal roles, including as a World Bank Country Economist for many countries, Economic Adviser at the Federal Ministry of Finance in Nigeria, and Senior Private Sector Specialist at the International Finance Corporation (IFC)

In the sphere of fiscal policies and debt management, Dr. Olusi brings his expertise to bear in ensuring financial stability and transparency, a testament to his commitment to responsible economic practices.  With a proven track record in project management, financing, and implementation, he has successfully led diverse projects, showcasing proficiency in both lending and non-lending spheres. His strategic vision includes creating an enabling environment for businesses through thoughtful policy reforms. Dr. Olusi’s adept knowledge and management skills contribute to impactful initiatives, including newsletters and inspirational lecture series.

Dr. Olasupo Olusi’s comprehensive approach encompasses nurturing entrepreneurship and fostering overall business development. His multifaceted expertise positions him as a valuable leader in shaping economic landscapes and driving transformative change. Noteworthy accomplishments include leading multi-million-dollar development projects, steering private sector diagnostics, and managing investment lending initiatives. Dr. Olusi played a pivotal role in delivering the World Bank Group’s inaugural comprehensive assessment of Nigeria’s private sector in 2020.

In his current role as the Managing Director and CEO of the Bank of Industry, Dr. Olusi is steering the organization towards transformative and competitive economic endeavours. Leveraging his profound understanding of macroeconomic dynamics, his leadership is marked by a commitment to sustainable development, strategic planning, and localised implementation of corporate priorities. Devoted to the growth of Micro, Small, and Medium Enterprises (MSMEs), he actively works towards economic diversification and drives impactful reforms in public sector entities, emphasizing improved governance and efficiency.

The 5 thematic areas of focus under his leadership at BOI are SMEs, Digital Transformation, Youth and Skills, Gender and Climate. Also, there is a special focus and strategic initiatives that is seen as a game changer for Nigeria’s private sector.

Let’s tell you about this brilliant man who holds a B.Sc. Economics from Hull University, UK; M.Sc. in International Money, Finance, and Investment at the University of Durham, UK and Ph.D. in Economics, also from the University of Durham.

He is ably assisted on the Management Team by Simon Aranonu, who has held the position of Executive Director of the Bank’s Large Enterprises Directorate since August 2016. His responsibilities include developing the Bank’s strategy for Nigeria’s larger corporates, as well as managing BOI’s team in charge of the Large Enterprise loan portfolio.

Aranonu boasts of more than 30 years banking and financial consulting experience, including several senior positions in some of Nigeria’s better-known financial institutions. His significant expertise lies particularly with credit and corporate governance.

Aranonu’s banking career began in 1987 when he joined Chase Merchant Bank, later becoming Continental Merchant Bank, where he spent three (3) years in various Middle Management positions. In 2008, Mr. Aranonu was appointed Executive Director at Intercontinental Bank Plc (now Access Bank Plc) and had served as Executive Director in Global Bank Plc. He also worked at various times for Liberty Merchant Bank as an Assistant General Manager and also at Manufacturers Merchant Bank as an Assistant Manager.

He holds a Bachelor of Science Degree from the University of Nigeria, Nsukka where in 1984, he also won the University Foundation Prize as the Best Graduating Student in Finance. He is also a Graduate of the Advance Management Programme of Stanford University California, United States.

An avid scholar, Mr. Aranonu has attended various business leadership programmes throughout his career.

Mr. Aranonu is also licensed by the IFC to train Company Directors on Corporate Governance.

Let’s also tell you about Shekarau D. Omar who obtained a 2nd Class Upper Division (B.Ed.) Honors Degree (1985) from the Ahmadu Bello University, Zaria. He also obtained 2 Masters’ Degrees in Educational Administration (M.Ed., 1991) and International Law and Diplomacy (MILD, 1992) from the University of Lagos.

He is a consummate professional with over 30 years’ experience, having previously served in the Military, University, Banking and Telecommunications Sectors before joining BOI Ltd in 2005 as a Senior Manager/Head of Human Resources. He rose through the ranks to become a General Manager in 2014. He was the General Manager (Management Services) and later General Manager (SME-North) between 2014 and 2018. He was subsequently appointed as the General Manager (Large Enterprises) in December 2018 and was elevated as the Executive Director, Small and Medium Enterprises in March 2019.

There is also Usen Effiong who was appointed as an Executive Director of the Bank in May 2022. He currently oversees the Corporate Services and Commercial Directorate where his responsibilities include supervision of the operations of the Management Services Division (Human Resources, Security and Administration & Procurement Departments) and the Bank’s Subsidiaries.

Prior to joining the Bank, Usen Effiong served as Deputy Director in Branch Operations Department, Central Bank of Nigeria; overseeing the Service Delivery Division.

Mr. Effiong has over thirty two (32) years’ work experience in Central Bank of Nigeria, out of which 20 years were in core HR functions of Performance Management, Workforce Planning, Talent Management, Change Management, Continuous Improvement and HR Transformation.

He led the team that successfully implemented the Automation of Promotion Examination process in the Central Bank of Nigeria. He was the Best Staff of Human Resources Department for 2003 and a member of Project EAGLES Communication & Culture Change Team.

Usen Effiong is passionate about Value creation in Business and enabling dynamic and customer focused work environment.

He holds a Bachelor of Science (Hons) Degree in Agricultural Economics from University of Calabar and a Master’s Degree (M.Sc.) in Agricultural Economics from University of Ibadan.

There is also Ms. Mabel Ndagi, who is currently the Executive Director of the Micro Enterprise Directorate at the Bank of Industry (BOI). She oversees the implementation of tailored financial and non-financial solutions created for Nigerians at the bottom of the economic pyramid as well as Micro Enterprises operating in the country.

Ms. Ndagi possesses deep financial services expertise that has spanned over 30 years across various functions including treasury management, corporate finance, project finance, integrated marketing communications, special products management, strategic alliances as well as gender development.

Prior to being appointed as an Executive Director, Ms. Ndagi served as the pioneer Divisional Head of the Bank’s Communications and External Relations Division. In that capacity, she was responsible for maintaining a positive brand image for the Bank.

Before this role, Ms. Ndagi led several business groups within the Bank such as the Public and Multilateral Desk, Monitoring and Supervision Group of the Central Bank of Nigeria (CBN) Intervention Funds Desk as well as the Gas & Petrochemicals Group of the Bank’s Large Enterprise Directorate. Ms. Ndagi spearheaded the setup of a dedicated Gender Desk within the Bank in furtherance of the Bank’s deliberate efforts to promote gender empowerment.

She remains committed to this mandate through her leadership of the Bank’s Women Programmes as well as local and international representations at women-led sessions.

Prior to BOI, Ms. Ndagi had worked in Banking and Financial Services Institutions including the erstwhile International Merchant Bank (IMB), a former affiliate of First National Bank of Chicago.

Ms. Ndagi holds a Bachelor of Law Degree from the Ahmadu Bello University, Zaria. She was called to the Nigerian Bar in 1987. She is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria (CIBN).

There is also Leonard Kange, an accomplished Business Leader with over 30 years of domestic and international experience in the Financial Services Industry. His experience in the industry spans Relationship Management, Strategy, Investment Banking, Treasury, Information Technology, Corporate Banking, Commercial Banking, Financial Advisory Services and Insurance.

Leonard currently heads the Corporate Finance and Advisory Division of the Bank. His responsibilities include raising capital locally and internationally to support BOI’s lending activities as well as providing financial advisory services and solutions to its customers.

Leonard joined Bank of Industry Ltd (BOI) in 2017 as the Divisional Head/General Manager, Large Enterprises and was responsible for leading and  supervising  business development, operations and financial health of the Food Processing, Creative Industry, Solid Minerals, Gender and Special Intervention  Funds  (for  power,   Aviation,  Manufacturers  Refinancing  and   Restructuring) Business Groups until October 2022. He was also a leading member of the team responsible for sourcing financing from local and international institutions to support the Bank’s lending activities.

Leonard also chairs the Information Security Steering Committee (ISSC) and the Information Technology Steering Committee (ITSC) respectively.

Before joining BOI, Leonard gained extensive experience working for the Royal Bank of Canada (RBC) as a Senior Retail and Franchise Specialist from 2007 to 2017. In this role, he was responsible for Business Development & Management of major client relationships, negotiating and implementing complex financing structures, portfolio management, risk assessment and monitoring on behalf of RBC for the benefit of clients. He was also responsible for developing Business Plans, distilling target markets and converting new clients.

Prior to joining Royal Bank of Canada, Leonard had a stint as a Financial Advisor at Freedom 55 Financial, Toronto, where he developed solid financial plans for individual and corporate clients.

Leonard invested over 13 years at FSB International Bank Plc (1992-2005) before seeking international banking experience. At FSB, he occupied several Senior Management roles including leading the Relationship Management teams in Corporate and Investment Banking, heading the Strategy and IT functions and Executive Assistant to the Chairman/CEO of the Bank. At the point of his voluntary exit in 2005, he was the Group Head, Corporate & Investment Banking.

Leonard earned a B.Sc Degree in Sociology from Ahmadu Bello University, Zaria (1986) (Accredited by University of Toronto). He also earned the Professional Financial Planner (PFP) designation in 2007 and the Project Management Professional (PMP) designation in 2008 while in Canada.

Let’s tell you about Dr. Rislanudeen who holds a Bachelors Degree in Economics (Second Class Upper) from Bayero University, Kano, 1985; an MSc. Degree in Economics from Ahmadu Bello University, Zaria, 1991 and a Ph.D in Economics from Bayero University, Kano, 2019 (where he graduated with  Distinction). He is an Adjunct Lecturer in the Department of Banking and Finance, Bayero University, Kano and Department of Economics, Nile University, Abuja.

Dr. Rislanudeen has had extensive professional training, both in Nigeria and abroad.

He has over 33 years’ experience in Budget and Economic Planning, Corporate Banking, Credit and Operations, Retail and e-Banking, Risk Management and Investment Advisory Services.

Dr. Rislanudeen joined the Bank in 2018 and is now the Chief Economist and Head, Strategy and Research.

Another very good team player is Dr. Isa Omagu, who joined Bank of Industry Ltd (BOI) in October 2022 and is currently the Divisional Head in-charge of Large Enterprises 1. He is responsible for leading and directing the origination and coverage of relationships in Food and Beverages, Oil &Gas, Creative and Digital, and Chemicals and Industrial Minerals strategic business groups.

Prior to joining BOI, Isa was the Director, Marketing & Sales in Unified Payment (UP) Services Limited, a FinTech company owned by key Banks in Nigeria, where he was responsible for Agency Networks across Nigeria, Payment Solutions and UP’s Payment Gateway, Payarena.

He had a stint in a turnaround role as the Chief Operating Officer (COO) of Glo Mobile Ghana in 2019.

Isa is a GTBank veteran with over thirteen (13) years in different roles including Non-Executive Director of Guaranty Trust Bank (Sierra Leone) Limited while doubling as the General Manager & Divisional Head responsible for Guaranty Trust Bank’s Commercial Banking business on Lagos Mainland until January 31, 2019.

Isa has over 34 years’ professional work experience spanning teaching, auditing, foreign trade supervision, telecommunications sector, payments industry and over 20 years of extensive banking experience in Institutional and Commercial Banking across top Banks in Nigeria starting with FSB International Bank through NAL Bank Plc to Guaranty Trust Bank Plc.

There is also Dr. Omagu who graduated as The Best Student in Chemistry with a Bachelor of Science Degree from Ahmadu Bello University in 1988. He obtained a Post Graduate Diploma and a Master of Science Degree in Economics from University of Lagos, Nigeria, Master of Business Administration from IESE Business School, Spain, Master of Development Finance from the University of Stellenbosch Business School, South Africa and is a Graduate of the Advanced Management Programme of Lagos Business School/Pan African University, Lagos. He also holds a Doctorate in Business Administration with specialization in Entrepreneurship and Small Business Management from Babcock University.

There is also Ayo Bajomo who has worked in different organizations for about 30 years – Consulting (Strategy Development, Change Management, Process Re-engineering, etc), Financial Services (Project & Development Finance, Corporate, Retail, Consumer Banking, Risk Management, Electronic & Mobile Payments and Asset & Investment Management).

Ayo is currently a General Manager and Divisional Head, Treasury and Financial Institutions (Treasurer) at the Bank of Industry (BOI). He is actively involved in raising funds from international sources through loan syndications, bonds and other instruments.

Prior to his present role, he was the Divisional Head and Deputy General Manager responsible for overseeing all Small and Medium Enterprises in entire 17 Southern States of Nigeria. Before this, he served as the Technical Assistant to the Managing Director of the Bank.

He has worked in the Commercial Banking space with institutions such as United Bank of Africa Plc (UBA) and former Standard Trust Bank (STB). He also worked at First City Monument Bank Plc (FCMB) where he created and set up the entire framework for its Consumer Lending.

Ayo also worked with FSB International Bank Plc (now Fidelity Bank Plc) for about six (6) years as the Head, Construction and Telecoms Group and earlier as the Head of Corporate Planning in the Strategy Division of the Bank.

Prior to his foray into banking in the mid-1990s, he worked as a Management Consultant with Accenture (Formerly Andersen Consulting) largely working in Strategy, Change Management, etc for Financial Institutions and manufacturing clients.

Ayo is an Alumnus of the University of Lagos and the Lagos State University where he obtained M.Sc  and B.Sc in Mechanical Engineering respectively. At LASU, he was the Best Graduating Student in the Faculty of Engineering in 1991.

Ayo Bajomo is passionate about Development Finance, Infrastructure Finance and Financing SMEs, etc

Let’s also tell you about Taiwo Kolawole who holds a Bachelors Degree in Accounting from Ambrose Ali University Ekpoma. He is a Fellow of the Institute of Chartered Accountants of Nigeria. He started his carrier as an Audit Assistant with KPMG Audit in 1999 and rose to the post of Audit Senior in 2003. He joined Deloitte in 2004 as an Audit Senior, a position maintained until he joined the team of United Bank for Africa Plc in 2007 as a Manager in the Finance and Risk Management Directorate.

As a manager in the United Bank for Africa Plc, He worked with the Executive Director Finance and Risk Management. He takes up specific project of Data Migration exercise of the Finacle core Banking application in New York, United States of America. He is involved in the setting up of the finance functions in UBA Uganda, Burkina Faso and Benin Republic as well as the re-engineering of the accounting and reporting functions of these acquired entities in these countries. He was transferred to UBA Capital Holdings in 2011 as Chief Finance Officer; a post he held until his resignation in January 2012 to join Trustfund Pension Plc. He became Assistant General Manager with effect from July 1, 2013 in this company.

He joined Bank of Industry Limited (BOI) in January, 2015 as Assistant General Manager and was promoted to Deputy General Manager July 1, 2018. He was the Chief Finance Officer of the Bank up until October 2, 2019 when he took up a new role in the Bank as the Chief Compliance Officer. He was promoted to General Manager March 1, 2023 and was the bank Chief Compliance Officer  up until 31 October, 2023 when he was re-appointed as the Bank Chief Financial Officer.

How about Mrs. Olufunlola Salami? She is an experienced Legal Practitioner as well as a Chartered Secretary and Administrator. She is also a versatile Executive with over 30 years’ experience in Corporate Secretarial and Legal Practice, Banking, Risk Management, Internal Audit, Control and Compliance.

She has held various positions in the Bank:

Senior Banking Officer – Deputy Manager in the Legal Division.

Head of the Loan Recovery Department in the Risk Management Division.

Senior Manager (Audit, Investigation and Compliance) in the former Internal Audit and Control Division.

Head of the Corporate Secretariat Department.

Company Secretary (from August 2018 to date).

Prior to her joining Bank of Industry Ltd, she was an Associate Counsel at Babalakin & Co., a foremost law firm in Nigeria. She obtained her Bachelor of Laws (LL.B) (Hons.) (2nd Class Upper Degree) from the Obafemi Awolowo University in 1989. She obtained her B.L Degree (2nd Class Upper Degree) from the Nigerian Law School, Lagos in 1990. She also obtained a Masters of Laws (LL.M) from the University of Lagos in 1992. She is a Barrister and Solicitor of the Supreme Court of Nigeria, a Chartered Secretary and Administrator (2008), a Certified Information Systems Auditor (2013) and a Member of the Nigerian Institute of Chartered Arbitrators (2022).

Augustine Aikore is another brilliant management staff. He is the Legal Adviser of Bank of Industry Limited. He joined the Bank in 1989 and rose through the ranks.

Mr. Aikore is a versatile and result oriented professional, who possesses expertise and a tradition of successfully delivering innovative, legal and business solutions. He is a well-motivated reformer, withdemonstrable track record of leading great teams in the last two decades in the Bank.

He is an Alumnus of the University of Benin, Nigeria. He holds a Bachelor’s Degree in Law (LL.B); a Barrister at Law (BL); a Master’s Degree in Law (LL.M) as well as various professional Certificates and Affiliations.

Aikore is a seasoned Officer who has worked and gathered experience in the Bank’s core business Units and held various positions. He served as Head of Administration Department; an Assistant Manager in the then Akure Zonal Office; Manager, Legal (Southern Operations); Head of Legal Division (Southern Operations) and Deputy to the Legal Adviser. In 2018, he was appointed as Managing Director of BOI Investment & Trust Company Limited which is one of the Bank’s subsidiaries. He turned around the fortunes of the Company to profitability, from successive years of losses. He returned to Head Management Services Division at the Head Office, before his appointment in December, 2022 as the Legal Adviser of the Bank.

His career trajectory cutting across his traditional Legal profession, positions in core business Units and back offices and the formidable knowledge and operational insights he has gathered over the years, make him a great asset to the Bank.

We can forget to mention Ifeoma Uz’Okpala, a seasoned Credit and Risk Management Professional who has a career of over 27 years in the financial sector. She commenced her journey at International Merchant Bank and progressed through key roles at MBC International, First Bank, Stanbic Bank, and UBA. Her versatile expertise encompasses Internal Audit, Corporate Finance, Credit Evaluation and Origination, Foreign Operations, and Risk Management.

An alumnus of the University of Nigeria, where she graduated from the Accountancy Department, Ifeoma further honed her skills at the prestigious Lagos Business School. She is a Fellow of the Institute of Chartered Accountants of Nigeria, she is dedicated to professional development, evidenced by her memberships in respected organizations such as the Chartered Risk Management Institute of Nigeria, Sustainability Professionals Institute of Nigeria, and Institute of Corporate Responsibility and Sustainability Professionals.

She joined the Bank of Industry in 2014 as Group Head, Large Enterprises Credit and later served as the Group Head of Environmental Social and Governance Risk where she offered invaluable ESG support within transactions and provided the roadmap for attracting impact investments.

Ifeoma Uz’Okpala is now the Chief Risk Officer of BOI and plays a crucial role in managing and mitigating risks associated with the Bank’s operations.

How about Adedayo Aderugbo (Dayo) who is a General Manager and Divisional Head of Public Relations at the Bank of Industry (BOI). She is responsible for leading the Strategic Communication and External Affairs Strategy of the bank with business partnerships; constantly improving shareholder value through strategy execution and reputational risks mitigation.

She covers the full spectrum of public relations and communications disciplines, including executive and internal communication, investor relations, media relations, sustainability, community engagement, public affairs, reputation risk management, event management, marketing services/campaign management and digital channels.

She has over 20 years’ experience in the banking industry spanning Legal, Compliance, Company Secretarial and General Management. Prior to joining BOI, she was the Head of Corporate Affairs and Brand & Marketing at Standard Chartered Bank for Nigeria and West Africa from 2006 till 2024.

Dayo is an alumnae of Obafemi Awolowo University, where she obtained a Law Degree with Honours (LLB). She is a Barrister at Law having also received a BL Degree from the Nigeria Law School. She holds a Masters Degree in Law from the prestigious University College UCL, University of London and has completed an Executive MBA from the Metropolitan School of Business and Management in the UK. She is currently undergoing a Ph.D in Business Risk Management.